Finance Act 1981

73 Industrial buildings etc.: increase of initial allowances

(1) In section 1(2) of the [1968 c. 3.] Capital Allowances Act 1968 (rate of initial allowances) for " one-half " there shall be substituted " three-quarters " and the same amendment shall be made in paragraph 1 of Schedule 6 to the [1978 c. 42.] Finance Act 1978 and paragraph 1 of Schedule 13 to the [1980 c. 48.] Finance Act 1980 (which contain references to the rate specified in the said section 1 (2)).

(2) A person other than a company may, in making a claim to an initial allowance at the rate applying by virtue of this section, require the initial allowance to be reduced to a specified amount; and a company may, by notice in writing given to the inspector not later than two years after the end of the chargeable period for which an initial allowance at that rate falls to be made, disclaim the allowance or require it to be reduced to a specified amount.

(3) This section has effect in relation to expenditure incurred after 10th March 1981 and to expenditure which by virtue of section 5(1) of the said Act of 1968 (purchase of unused buildings or structures) is deemed to have been incurred after that date; but expenditure shall not be treated for the purposes of this section as having been incurred after the date on which it was in fact incurred by reason only of section 1(6) of that Act (expenditure incurred before trade begins).